Financial Planning & Decision Making: Personal Finance 101 - Prof. Trent T. Seegmiller, Study notes of Business Finance

Download Financial Planning & Decision Making: Personal Finance 101 - Prof. Trent T. Seegmiller and more Study notes Business Finance in PDF only on Docsity! COURSE: FIN 1750 Personal Finance INSTRUCTOR: Trent T. Seegmiller, J.D. OFFICE: Udver-Hazy #305, Phone: Office: 652-7832 Cell: 217-369-7770 Email: trentseeg@yahoo.com CREDIT: 3 Semester Hours CLASS SCHEDULE: Monday, Wednesday, Friday (Lecture) TEXT: Focus On Personal Finance by Kapoor, Dlabay, & Hughes “DO NOT WORRY IF YOU HAVE BUILT YOUR CASTLES IN THE AIR. THEY ARE WHERE THEY SHOULD BE. NOW PUT THE FOUNDATIONS UNDER THEM.” HENRY DAVID THOREAU COURSE DESCRIPTION: This course will introduce personal financial decision-making concepts including financial and career planning, spending, saving, borrowing, insurance, consumer product purchases, and investment and retirement decisions which will help students meet the growing complexities of personal budgeting and consumer decision-making. OBJECTIVES: When the student successfully completes this course he/she will be able to: 1. Identify the benefits of a properly designed personal financial plan and be able to discuss its relationship to economic conditions and personal goals. 2. Construct and implement a well-planned personal financial plan. 3. Explain the techniques of successful budgeting and asset management including the meaning and purpose of specific financial statements and records. 4. Discuss the advantages and disadvantages of different types of checking accounts and savings plans. 5. Identify the types of credit available to consumers and be able to discuss the pros and cons of using credit verses savings and cash when purchasing consumer goods. 6. Explain the factors that influence the availability of financial services. List the types of services and financial institutions commonly used by consumers. 7. Discuss factors that influence consumer-buying decisions and identify strategies for effective purchasing. 8. Describe basic consumer rights and responsibilities. 9. Describe the role of planned borrowing in personal financial management. 10. Discuss decision considerations for making major purchases such as a home and automobile. 11. Explain the meaning and purpose of the major types of insurance. 12. Define significant personal finance terms. 13. Describe the relationship of retirement and estate planning to future financial well-being. ADA INFORMATION: If you are a student with a disability or think you might have a disability, and would like accommodations, please contact the Disability Resource Center (SSC, room 201, ext. 7516). The Disability Resource Center will determine your eligibility for services based upon complete professional documentation. If you are deemed eligible, the Disability Resource Center will further evaluate the effectiveness of your accommodation requests and will authorize reasonable accommodations that are appropriate for your disability. This syllabus is also available in alternative formats. REBELMAIL STATEMENT Important class and college information will be sent to your Rebel mail email account. This information includes your DSC bill, financial aid/scholarship notices, notification of dropped classes, reminders of important dates and events, and other information critical to your success in this class and at DSC. All DSC students are automatically assigned a Rebelmail email account. If you don’t know your user name and password, go to www.dixie.edu and select “Rebelmail,” for complete instructions. You will be held responsible for information sent to your Rebelmail email, so please check it often. ASSIGNMENTS: Reading: In order to remain current with class progress and discussion, you will be required to read approximately 1 to 2 chapters each week from the text. This will enable you to learn the material much better, contribute more to class discussion, and prepare you for any tests and quizzes. Class assignments: Assignments are due at the beginning of class on the day indicated below and must be typed and double- spaced (12 pt font). Assignments may be turned in early for full credit or late for partial credit. If you are going to be absent/late for a valid reason, please let me know before class begins, so the missed points will not affect your overall percentage score. All work must be that of the student receiving the credit. The assignments for this course are: 1. PERSONAL FINANCIAL PLAN. Each student will identify and list at least three short-term (less than a year), three intermediate-term (1-5 years) , and three long-term (5 +) personal financial goals to be used in developing a personal budget. They are to be submitted with a desired achievement date, anticipated costs, and steps necessary for achievement for each goal. They should also be listed in priority order. A one-page summery/evaluation will also be completed at the end of the semester. 2. BUDGET. Each student will design a suitable budget for his/her personal situation utilizing the personal financial goals identified. The budget should include all expected income and it’s source(s), expected expenses and savings deposits. After the proposed budget is submitted, the student will track all actual income and expenses. At the end of each month the student will submit a copy of the original proposed budget along with a comparison of the proposed budget and the actual budget for the current month indicating all differences. The student will also include an analysis of what was learned from the month’s financial activities and the corresponding effect it had on the next month’s budget, as well as a proposed budget for the next month. A one-page summery/evaluation will also be completed at the end of the semester. 3. STOCK PURCHASE. Each student will select at least three different stocks that he/she would like to invest in and will purchase (on paper) $10,000.00 worth of stock. These stocks are to be tracked each week and then sold (on paper) at the end of the semester. Each student will construct a graph charting the activity of each stock during the semester and will write at least a one page paper describing what things have been learned and the overall gain/loss incurred during the semester (including dividends, splits, etc.). 4. CHECKING/SAVINGS COMPARISON. Each student will make a written comparison of a basic checking and savings account at a commercial bank with one at a credit union. 5. CREDIT CARD COMPARISON. Each student will make a written comparison of three different credit cards, listing the features, costs and benefits associated with each card. A student’s current credit card(s) may be used. 6. CONSUMER PRICE COMPARISON. Each student will select at least 15 consumer items that they purchase on a regular basis and make a price comparison of at least three different retail establishments, one of which must be a convenience store. The total amount of money spent at each store should be calculated, graphed, and submitted with at least a one page summary analyzing the results.